Cyprus Business Now

Eurobank Cyprus on Friday released its financial results for the year 2023, posting an after-tax profit of €199.4 million, reflecting a significant increase of 111 per cent over the previous year.

In addition, the bank’s results showed enhanced capital adequacy, as well as notable improvements in operational costs.

The positive outcomes affirm the bank’s resilient trajectory, effective management of challenges faced in 2023, and its substantial contribution to the growth of the Cypriot economy and entrepreneurship.

Eurobank Cyprus CEO Michalis Louis stated that “we have achieved increased profitability, stronger capital adequacy, and a historically low Non-Performing Loans (NPL) ratio, thus shaping a very high-quality loan portfolio”.

Cyprus’ Authority of Co-operative Societies, in collaboration with the Office of the Commissioner for the Environment, is set to organise informational sessions on Corporate Social Responsibility (CSR) in various cities.

According to statements made this week, the objective of this initiative is to enlighten businesses about the upcoming launch of the State Register of CSR Companies, expected to be operational shortly.

Commissioner for the Environment Antonia Theodosiou said that businesses today are called upon to function not only as economic entities but also as “socially responsible citizens”.

She highlighted the need for companies to integrate the fundamental principles of CSR into their corporate governance.

Theodosiou pointed out that CSR, once primarily associated with philanthropic events, now incorporates sustainability and responsible entrepreneurship.

It aligns with efforts to create conditions favouring sustainable, environmentally friendly development in the medium and long term.

The unemployment rate in Cyprus fell to 5.9 per cent of the labour force during the fourth quarter of 2023, marking a significant decrease from 6.9 per cent in the same period of 2022, according to a report released this week by the state’s statistical service.

The reduction is attributed to a decrease in the number of unemployed individuals by 4,875, primarily in the 25-64 age group.

Moreover, the report showed that the number of unemployed individuals aged 15-24 also decreased by 486.

The Cyprus Registry marked its 60th anniversary of participation in global shipping activities earlier this week, highlighting its journey towards becoming a key player through a strategy focused on responsible and sustainable growth.

Celebrated at the Great Britain Hotel in Athens, Greece, the event underscored the strong connection between Greek and Cypriot maritime sectors.

The gathering was attended by numerous Greek shipowners, who have been instrumental in enhancing the Cypriot shipping network, highlighting the strong ties between the two naval communities.

Elias Neocleous & Co LLC (ENC) and W11 Ventures have formed a strategic partnership to offer comprehensive seed-to-scale advisory services globally.

The collaboration leverages ENC’s legal expertise and technology-driven solutions with W11’s experience in business innovation, governance, R&D, and investments.

Focused on addressing complex legal challenges in the evolving landscape of technology and AI, the partnership aims to guide companies at various stages, facilitating sustainable development, enhancing competitiveness, and supporting growth.

The combined skills include legal practice, technology transfer, public policy, startup support, capital raising, and change management, fostering collaboration between industry stakeholders and innovative businesses.

President Nikos Christodoulides this week warned of large increases in the prices of motor fuel at the end of the month, following the end of reduced consumption tax on fuels, combined with the imposition of a green tax in the exact same period.

Reductions in consumption tax end at the end of March, which is expected to raise the prices of motor fuels, gasoline and diesel by 8.3 cents per litre, with the possibility of 5 more cents being added as a result of the green tax.

According to the draft law for the imposition of a carbon tax on fuel, which was put to public consultation on Wednesday, the finance ministry’s aim is for the proposed green tax on fuel to come into force from April 1.

A report released on Friday by the Cyprus Statistical Service (Cystat) showed that there is a significant gender gap within the Cypriot workforce, despite the majority being women.

Specifically, while women made up 51.2 per cent of the population in 2022, their representation in the workforce was even higher at 60.9 per cent.

Nevertheless, this increased participation does not translate into equal pay, as women’s gross hourly earnings were, on average, 10.2 per cent lower than men’s in the same year.

Moreover, the level of education and skill among women in the workforce is notably high, with 54.8 per cent of women aged 25-64 being tertiary graduates and 42.7 per cent of employed women working in highly skilled occupations.

Minister of Energy, Commerce, and Industry George Papanastasiou on Friday addressed the ‘Cyprus Conference on Competition Law‘, which sought to examine the key trends and developments in this area.

During his address, Papanastasiou underlined the critical role of fair trade and competition in the wake of global challenges.

Acknowledging the impact of recent crises, the minister highlighted governmental support measures totalling €256 million to bolster national economies, focusing on reducing electricity costs and taxation on essential goods.

The Cyprus Stock Exchange (CSE) ended Friday, March 8 with losses.

The general Cyprus Stock Market Index was at 146.33 points at 12:42 during the day, reflecting a decrease of 0.61 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.91 points, representing a drop of 0.63 per cent.

The total value of transactions came up to €80,365.

In terms of the sub-indexes, the alternative index rose by 0.01 per cent while the main, investment firm and hotel indexes fell by 0.89 per cent, 1.22 per cent and 3.27 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+2.48 per cent), Logicom (-1.96 per cent), the Bank of Cyprus (-1.65 per cent), Hellenic Bank (no change), and Demetra (-1.11 per cent).